Financial Participation of Employees in the EU-27 (Studies in Economic Transition)

Contents......Page 6
List of Figures......Page 13
List of Tables......Page 15
Foreword......Page 16
Preface......Page 20
Acknowledgements......Page 23
List of Contributors......Page 24
Network of Affiliated Country Experts......Page 26
Part I: A European Platform for Financial Participation......Page 28
1.1 Introduction......Page 30
1.2 Objective and context......Page 32
1.3 The current situation in Europe......Page 43
1.4 Towards a European concept of financial participation......Page 46
1.5 Conclusions and summary......Page 79
Part II: The Legal Background......Page 98
2.1 Ownership in the welfare state and in post-socialist transformation......Page 100
2.2 Legal foundations of property......Page 101
2.3 Ownership in European law......Page 104
2.4 The problem: Unequal distribution and concentration of capital......Page 107
2.5 The German example......Page 108
3.1 The legislative process......Page 112
3.2 Legal sources for employee participation at a European level......Page 114
3.3 Dealing with tax incentives......Page 116
4.1 Participation in property rights: Control and returns......Page 148
4.2 Employee Participation in Profits and Enterprise Results (PEPPER schemes)......Page 150
4.3 Asset accumulation and employee savings plans......Page 154
4.4 Discussion: Pros and cons......Page 155
5.1 Historical background......Page 163
5.2 Foundations of the US Employee Stock Ownership Plan......Page 164
5.3 Structural changes needed to implement ESOPs and profit-sharing schemes......Page 165
5.4 Key tax incentives for ESOPs......Page 166
5.5 The interim balance in 2007......Page 168
5.6 Future prospects for ESOPs in the US......Page 169
5.8 Four case studies......Page 170
Part III: Empirical Evidence and Country Information......Page 184
6.1 Introduction: Assessing and benchmarking financial participation – The PEPPER IV Report......Page 186
6.2 Availability of financial participation schemes in EU companies......Page 193
6.3 Take-up rate of financial participation schemes in the workforce......Page 201
6.4 Conclusions......Page 205
I. Belgium......Page 208
II. Bulgaria......Page 212
III. Croatia......Page 215
IV. Cyprus......Page 219
V. Czech Republic......Page 222
VI. Denmark......Page 226
VII. Germany......Page 229
VIII. Estonia......Page 234
IX. Greece......Page 237
X. Spain......Page 240
XI. France......Page 243
XII. Hungary......Page 249
XIII. Ireland......Page 254
XIV. Italy......Page 259
XV. Latvia......Page 263
XVI. Lithuania......Page 266
XVII. Luxembourg......Page 269
XVIII. Malta......Page 271
XIX. Netherlands......Page 275
XX. Austria......Page 277
XXI. Poland......Page 283
XXII. Portugal......Page 288
XXIII. Romania......Page 290
XXIV. Slovakia......Page 296
XXV. Slovenia......Page 299
XXVI. Finland......Page 304
XXVII. Sweden......Page 308
XXVIII. Turkey......Page 312
XXIX. United Kingdom......Page 317
Bibliography......Page 336
A......Page 346
C......Page 347
E......Page 348
G......Page 349
N......Page 350
P......Page 351
S......Page 352
T......Page 353
W......Page 354